The accurate and precise measurement of lubricating oil consumption is critical for developing environmentally friendly internal combustion engines, particularly hydrogen-fueled internal combustion engines. The deuterium tracer method is based on the addition of poly-deuterated base oil tracers to fully formulated oils for precise, accurate, and fast lubricating oil consumption measurements. Previously performed measurements have shown that the use of poly-deuterated poly-alpha olefins has minimal impact on lubricating oil properties, except for a slight drop in oil viscosity. To further reduce the impact on lubricating oil characteristics, a new base oil for the synthesis of a poly-deuterated tracer is introduced, and its influence on the lubricating oil’s chemical, tribological, and rheological properties is analyzed. Furthermore, the influence of the tracer addition on the preignition tendencies of the fully formulated oil is also examined. Based on the analyses, no relevant changes in the lubricating oil properties, such as viscosity, density, and thermal degradation behavior, can be observed. Additionally, the deuterium tracer does not negatively influence combustion anomalies, thus reducing preignition tendencies. These results establish the method’s compatibility with new-generation engines, especially hydrogen-fueled internal combustion engines.